The rupee rebounded on Wednesday as exporters cash in their dollars after the Indian unit fell to a near two-week low in early trade. The dollar's losses against majors also helped. The partially convertible rupee closed at 46.535/545 per dollar after hitting 46.87, which was its weakest since November 27. It gained 0.3 percent from Tuesday's close of 46.68/69, but is still down about half a percent this week.
In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX closed at 46.61 and 46.6175 respectively, with a combined volume of about $5.2 billion - off a record $5.5 billion on Tuesday. One-month offshore non-deliverable forward contracts were quoted at 46.58/68, marginally weaker than the onshore spot rate.
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